WARREN, N.J., May 11, 2017 /PRNewswire/ -- Roka
Bioscience, Inc. (NASDAQ: ROKA), a molecular diagnostics company
focused on providing advanced testing solutions for the detection
of foodborne pathogens, today reported its financial results for
the three months ended March 31,
2017.
First Quarter 2017 Financial Results:
Revenue for the quarter ended March 31, 2017 was
$2.0 million compared with
$1.6 million for the first quarter of
2016 and $1.9 million for the fourth
quarter of 2016. The increase in first quarter revenue
year-over-year resulted from a 26% increase in the number of
pathogen detection tests sold to customers, driven by an increase
in the number of Atlas® instruments placed with commercial
customers. As of March 31, 2017, the Company had 54
instruments placed with customers under commercial agreements
compared to 53 instruments as of December
31, 2016 and 44 instruments as of March 31, 2016.
Total operating expenses for the first quarter of 2017 were
$9.3 million compared with
$9.4 million in the first quarter of
2016. Net loss for the first quarter of 2017 was $7.6 million, or $1.53 per share, compared with a net loss of
$8.2 million, or $4.66 per share, in the first quarter of
2016.
As of March 31, 2017, the Company
had cash and cash equivalents and marketable securities of
$16.2 million compared with
$24.8 million at December 31,
2016.
Conference Call
Roka Bioscience will host a conference call today at
4:30 p.m. Eastern Time to discuss
these results and answer questions. During the conference call,
material information concerning the Company, its operations,
strategies and prospects may be discussed. To listen to the
conference call live, go
to http://rokabio.investorroom.com/ or dial 1-888-347-1331 for
domestic callers and 1-412-902-4277 for international callers. A
replay of the conference call will be available after the
completion of the call by dialing 1-877-344-7529 (domestic) and
1-412-317-0088 (international). The replay access code is
10106769. An online archive of the conference call will also
be available at http://rokabio.investorroom.com.
About Roka Bioscience
Roka Bioscience is a molecular diagnostics company focused on
developing and commercializing advanced testing solutions for the
food safety testing market. Our Atlas Detection Assays incorporate
our advanced molecular technologies and are performed on our
"sample-in, result-out" Atlas System that automates all aspects of
molecular diagnostic testing on a single, integrated platform. The
Atlas System and Detection Assays are designed to provide our
customers with accurate and rapid test results with reduced labor
costs and improved laboratory efficiencies. For more
information, visit http://rokabio.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act, as amended (the "Exchange Act").
These forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which we operate and management's current beliefs and
assumptions. Any statements contained herein (including, without
limitation, statements to the effect that we "believe", "expect",
"anticipate", "plan" and similar expressions) that are not
statements of historical fact should be considered forward-looking
statements and should be read in conjunction with the Condensed
Financial Statements included in this press release and the
discussion below. These statements relate to future events or our
financial performance and involve known and unknown risks,
uncertainties and other factors that could cause our actual
results, levels of activity, performance or achievement to differ
materially from those expressed or implied by these forward looking
statements. There are a number of important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements. Such factors include those set
forth in the company's filings with the Securities and Exchange
Commission. We expressly disclaim any obligation to update any
forward-looking statements, except as may be required by law.
Given these uncertainties, you should not place undue reliance on
these forward-looking statements. These forward-looking statements
represent our estimates and assumptions only as of the date of this
press release and, except as required by law, we undertake no
obligation to update or review publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise after the date of this press release.
Investor Contact:
Roka Bioscience, Inc.
ir@rokabio.com
855-ROKABIO (855-765-2246)
|
Condensed
Statements of Operations and Comprehensive Loss
|
|
(unaudited)
|
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2017
|
|
2016
|
|
Revenue
|
|
$
|
2,038
|
|
|
$
|
1,626
|
|
|
Operating
expenses:
|
|
|
|
|
|
Cost of
revenue
|
|
2,110
|
|
|
2,076
|
|
|
Research and
development
|
|
1,364
|
|
|
1,987
|
|
|
Selling, general and
administrative
|
|
4,920
|
|
|
4,385
|
|
|
Amortization of
intangible assets
|
|
937
|
|
|
939
|
|
|
Total operating
expenses
|
|
9,331
|
|
|
9,387
|
|
|
Loss from
operations
|
|
(7,293)
|
|
|
(7,761)
|
|
|
Other income
(expense):
|
|
|
|
|
|
Interest income
(expense), net
|
|
(311)
|
|
|
(417)
|
|
|
Loss before income
taxes
|
|
(7,604)
|
|
|
(8,178)
|
|
|
Income tax provision
(benefit)
|
|
—
|
|
|
(2)
|
|
|
Net loss and
comprehensive loss
|
|
$
|
(7,604)
|
|
|
$
|
(8,176)
|
|
|
Net Loss per Common
Share:
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(1.53)
|
|
|
$
|
(4.66)
|
|
|
Weighted average
common shares outstanding used in
computing net loss per common share:
|
|
|
|
|
|
Basic and
diluted
|
|
4,985,522
|
|
|
1,752,642
|
|
|
Condensed Balance
Sheets
|
|
(unaudited)
|
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
March 31,
2017
|
|
December 31,
2016
|
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,253
|
|
|
$
|
8,832
|
|
|
Short-term marketable
securities
|
14,978
|
|
|
16,001
|
|
|
Trade accounts
receivable, net of $0 allowance for doubtful accounts
|
1,016
|
|
|
930
|
|
|
Inventories
|
4,057
|
|
|
3,739
|
|
|
Prepaid expenses and
other current assets
|
2,023
|
|
|
2,339
|
|
|
Total current
assets
|
23,327
|
|
|
31,841
|
|
|
Property and
equipment, net
|
7,372
|
|
|
7,805
|
|
|
Intangible assets,
net
|
17,714
|
|
|
18,651
|
|
|
Other
assets
|
264
|
|
|
264
|
|
|
Total
assets
|
$
|
48,677
|
|
|
$
|
58,561
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
758
|
|
|
$
|
1,325
|
|
|
Short-term deferred
payments
|
7,369
|
|
|
1,922
|
|
|
Notes payable,
current
|
4,994
|
|
|
5,973
|
|
|
Accrued expenses and
other short-term liabilities
|
1,827
|
|
|
2,572
|
|
|
Total current
liabilities
|
14,948
|
|
|
11,792
|
|
|
Deferred
payments
|
3,932
|
|
|
9,620
|
|
|
Other long-term
liabilities
|
251
|
|
|
267
|
|
|
Total
liabilities
|
19,131
|
|
|
21,679
|
|
|
Stockholders'
Equity:
|
|
|
|
|
Total Stockholders'
Equity
|
29,546
|
|
|
36,882
|
|
|
Total liabilities and
stockholders' equity
|
$
|
48,677
|
|
|
$
|
58,561
|
|
|
|
Note: In April 2017,
the Company determined that the receivable and liability related to
its litigation settlement was extinguished in December 2016.
The December 31, 2016 balance sheet has been updated to reflect
this adjustment.
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/roka-bioscience-reports-first-quarter-2017-financial-results-300456345.html
SOURCE Roka Bioscience, Inc.